Hungary cbank sees room to reduce fx reserves -statement

BUDAPEST May 27 (Reuters) - Hungary's central bank will use
some of its foreign currency reserves to allow commercial banks
to close their forint/euro fx swap positions linked to a recent
conversion of forex mortgages into forints, the bank said on
Wednesday.

In November 2014, the central bank launched tenders to
provide banks with euros as they prepared for the conversion of
billions of euros worth of Swiss franc and euro loans.

The bank's international reserves stand at around 37 billion
euros now, which it said exceeded levels expected by investors,
and there was "significant room to use some of the reserves."
(Reporting by Krisztina Than; Editing by Toby Chopra)